Rashi Peripherals IPO: Price Band Fixed at Rs 295-311

New Delhi, Feb 2 (PTI) Rashi Peripherals, an information and communications technology products distributor, on Friday said it has fixed a price band of Rs 295-311 apiece for its Rs 600 crore-Initial Public Offering (IPO).

The issue will be open for public subscription from February 7 to February 9 and the bidding for anchor investors will open for a day on February 6, the company said in a statement.

The IPO is completely a fresh issue of equity shares to the tune of Rs 600 crore with no offer-for-sale component.

Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes.

Investors can bid for a minimum of 48 equity shares and in multiples of 48 equity shares thereafter.

Mumbai-based Rashi Peripherals Ltd caters to brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and Lenovo India.

The company aims to expand its geographic presence in non-metro cities, which includes tier I and tier II cities and other rural geographies which are becoming centres of consumption for ICT products such as personal computers, smartphones, internet devices, and networking devices.

Last month, Rashi Peripherals mobilised Rs 150 crore from institutional investors, such as Volrado Venture Partners Fund and Madhuri Madhusudan Kela, wife of ace investor Madhusudan Kela, in a pre-IPO funding round.

JM Financial and ICICI Securities are the book-running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE.